Authors - FoxICO ? Communication: Day-to-day ... applications (dApp) ... channels, editing of companys

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Authors: Vladislav Kirichenko Vagan Abelyan Andrey Degtyaruk CEO (business@jincor.com) COO/CFO (business@jincor.com) CTO (tech@jincor.com) Summary: 1. Introduction 1.1. What is Jincor 1.2. Context 1.3. Organizations 1.4. Participants 2. ICO 2.1. Current status 2.2. JCR token 2.3. ICO structure 2.4. Roadmap 3. Jincor Architecture 3.1. Overall structure 3.2. Core 3.3. Auth 3.4. Companies 3.5. Messenger 3.6. E-Documents 3.7. Cryptocurrency wallets 3.8. Smart contracts 3.9. Arbitrage 3.10. Architecture overview 3.11. Risks 4. Market 4.1. Target market 4.2. Business model 5. Legal structure 6. Conclusions mailto:business@jincor.commailto:business@jincor.commailto:tech@jincor.com3 1. Introduction 1.1. What is Jincor Jincor is a global intercorporate cloud ecosystem, which allows organizations and employees within them to conduct decentralized cryptocurrency transactions, create smart contracts, organize secure corporate communications, both internal and external, and establish new business contacts all around the world. In other words, it is a full-fledged digital jurisdiction based on blockchain technology, which is created to help organizations overcome a range of existing institutional and technological limits to boost their efficiency. 1.2. Context Each organization has its own needs, which correspond to its business area and corporate structure, therefore, our solution deals with a few of the most common ones which are vital to every company: Communication: Day-to-day communication with colleagues and members of other companies is essential for the accomplishment of short-term and long-term goals, synergy and exchange of ideas and experience. Thus, communication belongs to a range of fundamental needs, which should be satisfied using the most convenient, secure and effective instruments. Jincor aims to meet this demand by creating a unified and well-defined business environment for corporate communications with no state borders or industry and institutional limits. Identification: One of the most important requirements for communication between people is the ability to identify the opponent. Real-world examples of this could be legal and identification documents. In Jincor every user has his own ID and acts on behalf of the organization to which he is attached, and every organization can go through a verification process to confirm its realness and credibility of public profile. Brand exposure: Nowadays online footprint of organization affects on its clue elements of competitive performance brand recognition and commercial goodwill. In the era of digitalization companies always have to be in sight of their target audience and potential or current partners, and Jincor addresses this need by public profiles of organizations, which are available to any web user. Contractors: A journey of a thousand miles starts with a single step, and any major company starts with its first client. Regardless their of size and profile, companies have to constantly interact with an array of external partners customers, suppliers, agents. Jincor makes it easier for entrepreneurs to find and establish new business contacts with its built-in search by location and industry. Transactions: Liabilities between companies, salary payments, paperwork are all necessary but complex processes for any organization. Jincor uses cryptocurrencies to make these and many other business transactions instant and fully transparent. 4 Contracts: It was 1996 when Nick Szabo, American programmer and cryptographer, built up a concept of smart contacts. Szabo described a smart contract as a computer protocol which automatically executes deals with the help of mathematical algorithms and provides a total control of their performance. This idea was further developed with the advent of blockchain technology. On Jincor managers and employees of organizations can get access to a smart contract construction set, which lets them create and execute smart contacts on their own. While using complex technologies at the core of our application, we made the product itself as simple as possible for our clients so that they don't need any technical expertise at all to make the most of it. 1.3. Organizations In Jincor ecosystem companies are created with the use of decentralized web applications (dApp) and Solidity DAO frameworks. Each organization at Jincor gets a unique URL, public profile, list of participants and, optionally, one or more cryptocurrency accounts. The public profile (fig.1) is a kind of digital business card, which allows any person or organization seeking for cooperation with the company to contact it with a single-click ease. It provides basic information, such as trading name, type of business (private/public company, non-profit organization, public authority or other), headquarters location, industry, brief summary, website, contacts and social media links. Figure 1. A public profile of organization in Jincor 5 Participants of organization have individual sets of rights and responsibilities, which are reflected in Jincor ecosystem through their functional roles. By default, each employee gets a basic functional profile, but it can be extended to administrator or other specific role at any time, depending on current work arrangements with the companys management team. If needed, employees can be divided into departments, which will be represented in Jincor ecosystem in the form of small-scale suborganizations. This possibility makes Jincor an ideal tool option for companies with complex corporate structure, consisting of multiple branches and departments. However, we recommend to keep the companys structure on Jincor as simple as possible. Upon registration the companies can also get cryptocurrency accounts, which are used for: Paying Jincor fees; Intercorporate payments; In-house payments (e.g., paying wages). Jincor supports various cryptocurrencies and multisig wallets for further security. Operations with such wallets require approval from a number of people responsible for the wallet, just like an approval of both parties is required for setting up an escrow in a bank. The number of approvals required for operations with a wallet can be customized by the owning organization. The keys for approval are usually stored on different machines which makes the system even more secure. 1.4. Participants In the core of any organization there are people, who make its very existence possible by investing their time, energy, money, knowledge and other material and invisible assets. In Jincor terms, participant of organization is a person (founder, manager or employee), who acts on behalf of the company in accordance with his/her rights and responsibilities. To set up a company on Jincor it is required to fill in the following fields: the companys ID, email and password. The same email can be used by a participant for different organizations multiple times, but within a company it should be used only once. This approach allows users to participate in several companies at a time, just like it often happens in real life. 6 Figure 2. The list of participants of organization in Jincor The list of participants of organization (fig.2) is accessible only by its members. This kind of information is considered confidential and cannot be disclosed neither to authorized Jincor users, who act for other organizations, nor to visitors of the companys public profile. Participants, along with organizations, are able to have individual cryptocurrency accounts, that can be used for delivering payments, getting wages, dividends or other financial gains. Regular transactions based on a set of well-defined elements, such as a list of shareholders, dividends distribution policy, labor contracts, loan agreements and etc., can be easily organized on Jincor with the use of smart-contracts, which allow to eliminate the human mistake factor and build the utmost transparent and fair relationships between employers, employees and other participants of Jincor ecosystem. 7 2. ICO 2.1. Current status Jincor team has been developing ecosystem since May 2016, and at this moment is in stage of closed beta testing. Currently, Jincor has the following features: company registration, sending invitations to employees, defining their functional roles within the organisation, corporate messaging in direct chats or end-to-end encrypted public and private channels, editing of companys public profile and establishing new business contacts with our built-in search by location and industry. Public beta-testing of the platform, which will be available on jincor.com, is slated for September 2017. 2.2. JCR token In order to further the development of the platform, reach breakeven and get to the global market as soon as possible we are going to raise extra funding by running an ICO campaign. Jincor will issue 35,000,000 JCR tokens, most of which will be put on sale. The base cost of tokens will depend on the popularity of the platform, and their holders will be able to share the success of Jincor by getting permanent progressive income. In the future, JCR tokens will be essential for the proper platform experience. Whereas it is free for organizations to use the basic functionality of Jincor ecosystem, some features will be available for a fee, which can be paid in JCR tokens only. These premium features include: Digital verification of companies; Setting up enterprise and individual cryptocurrency accounts; Getting access to a range of financial instruments, such as bills of credit, colls, overdrafts, factoring and etc.; Using a construction set for creating and execution of corporate smart contracts (based on labour, property, contractual and other relations); Appealing to a decentralized arbitration system for litigation within the digital jurisdiction. To sum up, JCR tokens will serve as a local digital currency, which can be used for paying Jincor fees and mutual corporate payments, just like any other popular cryptocurrency. JCR tokens are developed on Ethereums blockchain and conform to the ERC20 Token Standard. https://jincor.com/8 2.3. ICO structure Jincor will issue a total of 35,000,000 JCR tokens, 76% of which will be put on sale at a starting price of $0,5 during the ICO, which will start on November, 1st, and another 4% during the pre-ICO, which will start on August, 21st, with a discount of 50% (at a price of $0,25). The remaining 20% will be distributed among bug bounty participants, Escrow & Advisors and Jincor team for further development and research (fig.3 and 4). Total emission: 35,000,000 JCR Starting price: 1 JCR = $0.5 Figure 3. Distribution structure Figure 4. Discounts for early buyers Cumulatively, Jincor is planning to raise $350,000 during pre-ICO and up to $13,300,000 during ICO. Thus, the total amount of money we are planning to raise at the crowdsale comes to $13,500,000 (fig. 5). 9 Figure 5. ICO and pre-ICO estimates JCR tokens sold during pre-ICO and ICO will be automatically sent to investors wallets from which funds were received. The total amount of tokens in circulation is unknown, because unsold tokens will be destroyed after the crowdsale. 2.4. Roadmap After ICO Jincor will continue developing the platform according to the step-by-step roadmap (fig. 6) with the account of raised funds. Figure 6. 2018 Jincor roadmap Every milestone is based on the previous and hence the order. For instance, it is impossible to integrate electronic document flow when Jincor clients are unable to communicate with each other. Analogously, creation of cryptocurrency accounts for organizations and their members is impossible without blockchain. These accounts, in turn, are an integral part of payments and smart contracts. 10 3. Jincor architecture 3.1. Overall structure Jincor ecosystem is a combination of decentralized (dApp) and classic web applications that let anyone create organizations and manage them on Ethereum's blockchain without any technical insight. Jincor provides all the functionality that one might need while doing business, including instruments for effective management, tools for improving online presence, role management inside the organization, searching for new business partners and connecting with them, intra- and intercorporate communications, bills in cryptocurrency, payments, smart contracts. On top of that, third-party corporate applications can be connected to the Jincor ecosystem in "single-screen mode". The structure of the aforementioned functionality is best described in terms of modular architecture, which includes the following elements: Core a set of core smart contracts on Ethereum that set up infrastructure for other modules. Its functions are: creation of smart contracts between different parties, such as organizations or employees, creation of cryptocurrency accounts, creation of smart contracts with JCR tokens and etc. Auth open-source web microservice with JWT-based authentication. More on JWT: https://tools.ietf.org/html/rfc7519. We would like to note that Jincor doesnt use blockchain technology for everything, some of our services are classic web applications. Companies classic web application used in Jincor for providing basic features, such as creating of new companies, editing their profiles, sending invitations to employees and managing their roles within the organizations. It also enables processing of queries related to the search of other companies at Jincor. Messenger a highly scalable decentralized communication platform for inter- and intracorporate communications based on Matrix protocol (more on Matrix: http://matrix.org/). Note that we use blockchain here only for identification purposes, but never for message handling, as there is just no objective need for this. E-Documents a decentralized module integrated with a user-friendly interface of Jincor Messenger, which provides organizations and their participants with a structured digital space for the paperwork management. With the help of this module, Jincor users are able to share any working papers (delivery documents, bills, certificates and etc.) and sign them with digital signatures while being confident in their safe-keeping and authenticity thanks to the blockchain technology. Cryptocurrency wallets a decentralized module which enables creating of enterprise and individual cryptocurrency wallets. Alongside cryptocurrency transactions these wallets open the door to a wide range of financial instruments used in business, such as bills of credits, overdrafts, insurance of payments and etc. Companies are able to create multiple cryptocurrency wallets for one account (enterprise or individual), which makes it even easier to organize bills and maintain book-keeping. https://tools.ietf.org/html/rfc7519http://matrix.org/11 Smart-contracts a decentralized module which allows to create and execute predefined smart contracts within the Jincor ecosystem (there are company-company, company-participant and participant-participant smart contracts). The process of creating a smart contract at Jincor is carried out in an intuitive, user-friendly interface and is no harder than the signing up procedure, which lowers the entry threshold for technology-naive users to the minimum. Arbitrage a decentralized application (dApp) which enables digital arbitration system for settling disputes arising with the execution of smart contracts. To make it as fair and transparent as possible, the arbitrators are chosen randomly in accordance with given business area and special aspects of a particular smart contract. There are three arbitration levels within the system: the first requires participation of three trusted participants (arbitrators), the second requires nine trusted participants, and the third level involves twenty-seven people aside from the parties to dispute. The users of Jincor ecosystem get fee earnings for the engagement in arbitration proceedings. 3.2. Core From a technical point of view, the Core module, which is the centerpiece of the whole Jincor ecosystem, is a set of smart contracts based on the Ethereums blockchain. These contracts are used by smart contracts of other applications and web services based on Jincor contracts as well. The Core module includes the following types of smart contracts: Factory contracts smart contracts which are used to create other contracts. The most obvious example of them being applied is the registration process of a new company at Jincor, when a contract of the organization itself, or its cryptocurrency account, is created. Another use case of factory-contracts could be the emission of tokens, which substitute the company shares and are to be distributed among the participants of Jincor ecosystem. In order to save users the trouble of getting into blockchain and smart contracts technology, there is an extra abstraction layer over the instruments of smart contracts creation, and the capabilities of such contracts are limited for safety reasons. These measures make our API safe and simple for regular users while also providing convenient programming environment for developers; Billing platform contracts. Jincor ecosystem has instruments for easy implementation of new functions, notably, not only by its developers, but also by third side parties, who get a chance to build their own business on providing Jincor users with extra functionality. Billing contracts are created just for that and describe basic methods of implementing custom payment features in Jincor ecosystem. At this moment we are focusing on the development of small-scale libraries, which can be used for creating specific smart contracts best suiting particular business models; Company contracts. These are written to the blockchain smart contracts, which are accessible only by administrators and to which the companys list of participants and cryptocurrency accounts (with customizable access permissions) are attached; 12 Participant contracts. These contracts represent the participants of Jincor ecosystem and are always associated with the contracts of a company to which they are attached. Individual cryptocurrency accounts, as well as any other contracts related to particular employees are also based on this type of contracts; Wallets, cryptocurrency accounts of companies and their participants. Jincor supports multisig wallets, which require approval from a number of people responsible for the wallet to conduct a transaction. The number of required approvals is also customizable; Tokens. The contracts of tokens, including those emitted by the participants of Jincor ecosystem (organizations) as substitutes for corporate shares. 3.3. Auth Auth is a classic web microservice, used for issuing and validating of JSON Web tokens, which provide secure and reliable user identification. The key advantage of Auth, in comparison to other services with similar functionality (Auth0, for example), is the ability to identify user not only by email and password, but also by the organization to which the user belongs. In this way by using the Auth we allow our users to participate in multiple organizations with the same email and password while keeping their accounts separated. 3.4. Companies Companies module is a web microservice, which includes the profiles of organizations, their departments and the lists of participants. In Jincor ecosystem this module allows to manage the company, create suborganizations, send invitations to employees and define their functional roles within the organization. The public profiles of companies are used to process search queries of Jincor users (we apply elastic search to get more accurate search results). Figure 7. Jincor search 13 The Companies module has an intuitive and user-friendly interface (fig. 7), so that any web user will be on firm ground when using it. Upon signing up an organization, the user is required to give just basic information, which includes: Trading name of a company; Type of business (private/public/non-profit/government body); Headquarters location. The next step includes providing some information about the first participant of a company, such as: Full name; Job title; Email; Password. Once the users email is confirmed, Jincor notifies him/her of successful registration on the platform and creates the first smart contracts, including the company contract and cryptocurrency accounts of organization and the first participant. Then, it is time to edit the organization profile and fill in the rest of information about the company, which increases the possibility of it being found by potential clients and business partners. 3.5. Messenger The Messenger module is responsible for corporate communications in Jincor ecosystem. It is built on a quick and scalable decentralized protocol, which allows to distribute storage and transfer of messages among the organizations (groups of participants), instead of participants themselves (fig. 8). Figure 8. The Messenger module operation concept 14 The Messenger microservice is open sourced and will always be accessible as a docker application, which makes it easier for organizations to have a chokehold on their internal and external communications. On top of that, Jincor Messenger satisfies the whole range of nowaday safety standards and supports p2p-encryption. Blockchain is used in Jincor Messenger only in intercorporate communications. With the view to user experience, Jincor Messenger (fig. 9) also supports a number of instant messaging solutions, such as group chats and channels, intercorporate communications, large files processing, typing indicators and message statuses. In most features Jincor Messenger resembles a popular intracorporate messenger Slack, but has a much wider functionality in particular, providing the possibility of intercorporate communications. Moreover, thanks to the Jincor architecture flexibility, the developers of third-party business solutions (like CRM/ERP systems, task organizers and etc.) can integrate them into the Messenger, so that Jincor corporate users will be able to satisfy all of their business-related needs in a single-screen-mode. Figure 9. Jincor Messenger interface 15 3.6. E-Documents E-documents is a decentralized application (dApp), which is embedded in Jincor Messenger interface and allows to securely store, send and sign with digital signatures all kinds of electronic documents (Jincor ecosystem supports several authorized providers of digital signatures). All working papers, which are loaded into Jincor Messenger and signed with e-signatures, are written to the blockchain in order to guarantee their authenticity and save revision history. This application, as well as digital signatures, can also be used for signing contracts between the shareholders, employees and other parties. 3.7. Cryptocurrency wallets Cryptocurrency wallets a decentralized application (dApp), which enables inter- and intracorporate payments within the platform. As an option, upon registration of a company the participants of Jincor ecosystem can get cryptocurrency accounts, both enterprise and individual, to conduct payments with the most popular digital currencies. For further security it is also possible to create multisig wallets, which require approval from a number of people responsible for the wallet to get transaction processed. Along with basic payment options Jincor cryptocurrency wallets also provide a full range of financial instruments, which one might need while doing business. 3.8. Smart-contracts Smart contracts a set of algorithms, which describe conditions leading to automatic execution of some predefined operations. Jincor lets the users create a number of corporate smart contracts in a user-friendly interface. There is a wide variety of potential applications of smart contracts, from paying wages (on the day X smart contract will transfer Y tokens JCR, ETH, BTC and etc. to the employee Z) to business interactions between companies (when the goods are dispatched from the warehouse of the company A, a smart contract will draw up a bill to the company B). However, technical complicatedness of blockchain bars technology-naive users from implementing smart contracts in their practice. Jincor promotes wider adoption of smart contracts by providing factory contracts for their creation in a simple and usable interface. The factory contracts describe the core logic of the most common smart contracts. For the sake of safety of users and the whole Jincor ecosystem, the contracts creating opportunities are limited, in a sense that the contracts can be created by a set of templates only. Smart contracts are stored and executed in decentralized environment, which completely eliminates the factor of human errors. The contracts remain unveiled to all parties involved ensuring complete transparency and rising mutual trust among the participants. How it works: The contract takes force as soon as both parties sign it with e-signatures and requires specific elements in order to be executed automatically. For instance, a first-order requirement is the presence of cryptocurrency accounts of those involved. In other words, the 16 executable code should have unhindered access to the smart contracts objects. Besides that, all of the smart contract conditions should be described mathematically and have a clear execution logic, and this is the reason why the first smart contracts in Jincor will be based on the simplest corporate relations, which involve just a few elements. Given that the code has the full access to the objects of an agreement, its execution and compliance will be handled automatically with account for the fulfillment of the smart contract conditions. To sum up, smart contracts automate contractual business relations and provide their total performance. First of all, Jincor team will create smart contracts for the following applications: Regular payments; Partner programs; Signed transactions; Business-to-business commerce. Although smart contracts are executed in decentralized environment eliminating the human factor, it is important to realize that there are many cases which may require external interference, no matter how explicit the smart contacts are. For this reason we have developed a decentralized arbitration system aimed at settling disputes arising with the smart contracts execution. 3.9. Arbitrage In case when the execution logic of a contract is not defined clearly enough, the parties to the agreement may be drown to a dispute. This is particularly so with the cases related to the real-world actions and goods. Offline, there are clear regulatory mechanisms for such issues: should the parties have any disputes related to the contract performance, they can always take legal action. The similar patterns should be implemented within the digital jurisdiction, too. For that very reason we created Jincor Arbitrage, which help settling disputes related to the execution of smart contracts. Jincor arbitration system let the participants of ecosystem resolve arising disputes right there, within the platform. There are three arbitration levels in Jincor: the first requires participation of three arbitrators (i.e., organizations who take the final decision), the second requires nine trusted participants, and the third level involves twenty-seven organizations aside from the parties to dispute. In order to preclude the possibility of bias and corruption element Jincor arbitration system keep the personalities of parties to the case (and the companies to which they belong) in the dark, so that the arbitrators considered just the facts of the matter. In compliance with the foundations of decentralised society the arbitrators are chosen with the use of mathematical algorithms, which analyze their digital reputation, competence domain and practical experience in the given jurisdiction and economy sector. With the view to motivate organizations and experts to attend the legal proceedings, Jincor arbitration system provides remuneration for arbitrators, which is paid by non-prevailing party on completing the process. Within the digital jurisdiction of Jincor smart contracts will be available only to verified users. In common with real world, tainted reputation in the cyberspace will close any available space for irresponsible actors and hinder their further development. 17 3.10. Architecture overview Figure 10. Jincor architecture As previously mentioned, Jincor ecosystem is a set of decentralized (dApps) and classic web applications. The methods of interaction performance between classic web applications and blockchain-based services remains a debating point in IT community, and our technical engineers have decided to use the so-called oracles for this purpose. However, Jincor ecosystem is open to any advanced solutions, which could be developed in the future to address this problem. Another difficulty, which Jincor team has been faced with while developing the platform, is the upgradeability of dApps. The thing is, once a smart contract is written to the blockchain, any further adjustments are impossible. This issue also lacks adequate solutions in blockchain community. In Jincor we will use proxy dispatcher contracts, which link the contracts to each other and make it possible to upgrade their addresses so that they are visible to other contracts. Jincor team has vast experience in development, deployment and exploitation of compiled applications based on microservice architecture, which suggests incapsulating the parts of functionality into small-scale libraries in order to use them later in microservices. The same approach is applicable to the smart contracts development. 18 3.11. Risks Software. Despite using smart contracts for the most of business interactions in Jincor, there is still a possibility of program errors and human factor mistakes, the more so since the Jincor functionality is partly developed with the use of classic web applications. Jincor stems this risk by repetitive code checking, using CI/CD, code documentation maintenance, writing API and integration tests. Another software-related risk is the possibility of cyberattacks. In order to keep down the potential damage we developed an incentive program, which involves remuneration in JCR tokens for finding vulnerabilities in the system. Scalability. Some of the Jincor modules are not decentralized, but classic web applications. Jincor team develops such modules as separate microservices in the docker containers, which can be easily deployed and put into operation. Each of our web services is distributed, and we work towards further decentralization of the platform. Subjective decisions and disputes. In the context of smart contracts the parties to the agreement may have disputes on their execution. To address this problem we developed a decentralized arbitration system, which can be used for settlement of such matters using the internal resources of the platform (a closer look at this system was already taken above). 19 4. Market 4.1. Target market According to the joint research of consulting agencies We are social and Hootsuite more than a half of the world population, or 3,81 bln people, are active web users (as of April 2017). Such a rapid pace of internet adoption leads to mass expansion of digitalization and globalization trends in all spheres of our life. That is particularly true of business area: nowadays it is almost impossible to manage a company without being connected to the web. However, the potentials of blockchain and smart contracts are yet to be realized in business community, even if there is already some progress in this field. Most probably, these tendencies will strengthen with the generational change. According to The World Bank data, there are now 1,3 bln people aged between 0 and 14 around the globe. Upon entering the global labour market in roughly ten years this new generation will be considering digital corporate tools, smart contracts and cryptocurrencies the only acceptable and the most secure form of job relationships. Consequently, our target audience includes: Private and public companies; Self-employed individuals; Non-profits; State government bodies; State-run enterprises; Global organizations. The main factor for the market volume assessment is the maximum possible number of consumers, i.e., participants of organizations, which are somehow using digital technologies in their activity. According to our calculations based on World Bank Dun & Bradstreet Worldwide Network data, the total volume of corporate communications market amounts to $175 bln (fig. 11). Figure 10. Corporate communications market 20 4.2. Business-model The maintenance of such a broad-scale ecosystem is infeasible without significant expenditures required for digital verification, setting up cryptocurrency accounts, payment transactions, creating of smart contracts and e-signatures and etc. To cover these costs, Jincor will deliver some features on a paid basis, and the only means of payment for them will be JCR tokens. At the same time, charge-free functionality of the platform is needed to ease the entry barriers and let the organizations appraise the usability and benefits of Jincor ecosystem. 5. Legal structure Jincor organizational structure (fig. 12) includes a parent company incorporated in Cyprus (Jincor Ltd.), its 100% subsidiary operational company in Moscow (Biznes-seti LLC) and also SPV for distribution of the option pool to key employees incorporated on British Virgin Islands (Jincor Special Ltd.). Figure 12. Jincor corporate structure 21 6. Conclusions Explosive growth of modern technologies, such as cloud computing, big data and blockchain, leads to continuous transformation of various spheres of our life from shopping in the supermarket to business management of major corporations. Taking into consideration that there are more than 250 mln companies around the world and many of them recognize the urgency of digital transformation, Jincor is getting to the multibillion-dollar market, feeling the acute need for its product from the target customers. The full feature set of Jincor will include corporate cryptocurrency accounts with multisignatures, smart contract templates, which will make it possible for companies to transfer all the legal and contractual relationships into trustless blockchain environment, and a decentralized arbitrage system, which will allow to settle disputes arising with the execution of smart contracts within the digital jurisdiction. Our mission is to make blockchain technologies as simple and accessible to business as usual means of day-to-day communication and create a unique environment for their evolution and mass implementation in the corporate sector, which will radically reduce the amount of time, effort and money it always takes companies to find and establish valuable business connections, expand market reach, workflow management and execute transactions. While creating Jincor, we align a range of forthcoming fundamental shifts, which will result in the establishment of blockchain as a worldwide standard for enterprise communications. In other words, we shape our long-term vision and strategy according to emerging demands of decentralized economics of the future. Overall, this will be lead to a complete changeover in the corporate interactions model, which will eliminate injustice, defaults on business commitments and a human mistakes factor. While others are weighing the advantages of Blockchain technologies, cryptocurrency transactions and smart-contracts, Jincor currently now building decentralized ecosystem for safe and easy B2B future In order to scale the progress, investors are welcome to take part in the upcoming pre-ICO and the following ICO of JCR tokens, announced by Jincor. http://ico.jincor.com/http://jincor.com/22 IMPORTANT NOTICE PLEASE READ THIS SECTION AND THE FOLLOWING SECTIONS ENTITLED DISCLAIMER OF LIABILITY, NO REPRESENTATIONS AND WARRANTIES, REPRESENTATIONS AND WARRANTIES BY YOU, CAUTIONARY NOTE ON FORWARD-LOOKING STATEMENTS, MARKET AND INDUSTRY INFORMATION AND NO CONSENT OF OTHER PERSONS, NO ADVICE, NO FURTHER INFORMATION OR UPDATE, RESTRICTIONS ON DISTRIBUTION AND DISSEMINATION, NO OFFER OF SECURITIES OR REGISTRATION AND RISKS AND UNCERTAINTIES CAREFULLY. IF YOU ARE IN ANY DOUBT AS TO THE ACTION YOU SHOULD TAKE, YOU SHOULD CONSULT YOUR LEGAL, FINANCIAL, TAX OR OTHER PROFESSIONAL ADVISOR(S). The JCR tokens are not intended to constitute securities in any jurisdiction. This Whitepaper does not constitute a prospectus or offer document of any sort and is not intended to constitute an offer of securities or a solicitation for investment in securities in any jurisdiction. This Whitepaper does not constitute or form part of any opinion on any advice to sell, or any solicitation of any offer by the distributor/vendor of the JCR tokens (the Distributor) or Jincor Ltd and affiliated companies (the Company or Jincor) to purchase any JCR tokens nor shall it or any part of it nor the fact of its presentation form the basis of, or be relied upon in connection with, any contract or investment decision. No person is bound to enter into any contract or binding legal commitment in relation to the sale and purchase of the JCR tokens and no cryptocurrency or other form of payment is to be accepted on the basis of this Whitepaper. 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No part of this Whitepaper is to be reproduced, distributed or disseminated without including this section and the following sections entitled Disclaimer of Liability, No Representations and Warranties, Representations and Warranties By You, Cautionary Note On Forward-Looking Statements, Market and Industry Information and No Consent of Other Persons, Terms Used, No Advice, No Further Information or Update, Restrictions On Distribution and Dissemination, No Offer of Securities Or Registration and Risks and Uncertainties. 23 DISCLAIMER OF LIABILITY To the maximum extent permitted by the applicable laws, regulations and rules, Jincor and/or the Distributor shall not be liable for any indirect, special, incidental, consequential or other losses of any kind, in tort, contract or otherwise (including but not limited to loss of revenue, income or profits, and loss of use or data), arising out of or in connection with any acceptance of or reliance on this Whitepaper or any part thereof by you. NO REPRESENTATIONS AND WARRANTIES Jincor and/or the Distributor does not make or purport to make, and hereby disclaims, any representation, warranty or undertaking in any form whatsoever to any entity or person, including any representation, warranty or undertaking in relation to the truth, accuracy and completeness of any of the information set out in this Whitepaper. REPRESENTATIONS AND WARRANTIES BY YOU By accessing and/or accepting possession of any information in this Whitepaper or such part thereof (as the case may be), you represent and warrant to Jincor and/or the Distributor as follows: (a) you agree and acknowledge that the JCR tokens do not constitute securities in any form in any jurisdiction; (b) you agree and acknowledge that this Whitepaper does not constitute a prospectus or offer document of any sort and is not intended to constitute an offer of securities in any jurisdiction or a solicitation for investment in securities and you are not bound to enter into any contract or binding legal commitment and no cryptocurrency or other form of payment is to be accepted on the basis of this Whitepaper; (c) you agree and acknowledge that no regulatory authority has examined or approved of the information set out in this Whitepaper, no action has been or will be taken under the laws, regulatory requirements or rules of any jurisdiction and the publication, distribution or dissemination of this Whitepaper to you does not imply that the applicable laws, regulatory requirements or rules have been complied with; (d) you agree and acknowledge that this Whitepaper, the undertaking and/or the completion of the Jincor Initial Token Sale, or future trading of the JCR tokens on any cryptocurrency exchange, shall not be construed, interpreted or deemed by you as an indication of the merits of the Jincor and/or the Distributor, the JCR tokens, the Jincor Initial Token Sale and the Jincor Wallet (each as referred to in this Whitepaper); (e) the distribution or dissemination of this Whitepaper, any part thereof or any copy thereof, or acceptance of the same by you, is not prohibited or restricted by the applicable laws, regulations or rules in your jurisdiction, and where any restrictions in relation to possession are applicable, you have observed and complied with all such restrictions at your own expense and without liability to Jincor and/or the Distributor; (f) you agree and acknowledge that in the case where you wish to purchase any JCR tokens, the JCR tokens are not to be construed, interpreted, classified or treated as: (i) any kind of currency other than cryptocurrency; (ii) debentures, stocks or shares issued by any person or entity (whether Jincor and/or the Distributor) (i) rights, options or derivatives in respect of such debentures, stocks or shares; (ii) rights under a contract for differences or under any other contract the purpose or pretended purpose of which is to secure a profit or avoid a loss; (iii) units in a collective investment scheme; (iv) units in a business trust; (v) derivatives of units in a business trust; or (vi) any other security or class of securities. (g) you are fully aware of and understand that you are not eligible to purchase any JCR tokens if you are a citizen, resident (tax or otherwise) 24 or green card holder of the United States of America or a citizen or resident of the Republic of Singapore; (h) you have a basic degree of understanding of the operation, functionality, usage, storage, transmission mechanisms and other material characteristics of cryptocurrencies, blockchain-based software systems, cryptocurrency wallets or other related token storage mechanisms, blockchain technology and smart contract technology; (i) you are fully aware and understand that in the case where you wish to purchase any JCR tokens, there are risks associated with Jincor and the Distributor and their respective business and operations, the JCR tokens, the Jincor Initial Token Sale and the Jincor Wallet (each as referred to in the Whitepaper); (j) you agree and acknowledge that neither Jincor nor the Distributor is liable for any indirect, special, incidental, consequential or other losses of any kind, in tort, contract or otherwise (including but not limited to loss of revenue, income or profits, and loss of use or data), arising out of or in connection with any acceptance of or reliance on this Whitepaper or any part thereof by you; and (k) all of the above representations and warranties are true, complete, accurate and nonmisleading from the time of your access to and/or acceptance of possession this Whitepaper or such part thereof (as the case may be). CAUTIONARY NOTE ON FORWARD-LOOKING STATEMENTS All statements contained in this Whitepaper, statements made in press releases or in any place accessible by the public and oral statements that may be made by Jincor and/or the Distributor or their respective directors, executive officers or employees acting on behalf of Jincor or the Distributor (as the case may be), that are not statements of historical fact, constitute forwardlooking statements. Some of these statements can be identified by forward-looking terms such as aim, target, anticipate, believe, could, estimate, expect, if, intend, may, plan, possible, probable, project, should, would, will or other similar terms. However, these terms are not the exclusive means of identifying forward-looking statements. All statements regarding Jincors and/or the Distributors financial position, business strategies, plans and prospects and the future prospects of the industry which Jincor and/or the Distributor is in are forward-looking statements. These forward-looking statements, including but not limited to statements as to Jincors and/or the Distributors revenue and profitability, prospects, future plans, other expected industry trends and other matters discussed in this Whitepaper regarding Jincor and/or the Distributor are matters that are not historic facts, but only predictions. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual future results, performance or achievements of Jincor and/or the Distributor to be materially different from any future results, performance or achievements expected, expressed or implied by such forward-looking statements. These factors include, amongst others: (a) changes in political, social, economic and stock or cryptocurrency market conditions, and the regulatory environment in the countries in which Jincor and/or the Distributor conducts its respective businesses and operations; (b) the risk that Jincor and/or the Distributor may be unable or execute or implement their respective business strategies and future plans; (c) changes in interest rates and exchange rates of fiat currencies and cryptocurrencies; (d) changes in the anticipated growth strategies and expected internal growth of Jincor and/or the Distributor; (e) changes in the availability and fees payable to Jincor and/or the Distributor in connection with their respective businesses and operations; (f) changes in the availability and salaries of employees who are required by Jincor and/or the Distributor to operate their respective businesses and operations; (g) changes in preferences of customers of Jincor 25 and/or the Distributor; (h) changes in competitive conditions under which Jincor and/or the Distributor operate, and the ability of Jincor and/or the Distributor to compete under such conditions; (i) changes in the future capital needs of Jincor and/or the Distributor and the availability of financing and capital to fund such needs; (j) war or acts of international or domestic terrorism; (k) occurrences of catastrophic events, natural disasters and acts of God that affect the businesses and/or operations of Jincor and/or the Distributor; (l) other factors beyond the control of Jincor and/or the Distributor; and (m) any risk and uncertainties associated with Jincor and/or the Distributor and their businesses and operations, the JCR tokens, the Jincor Initial Token Sale and the Jincor Wallet (each as referred to in the Whitepaper). All forward-looking statements made by or attributable to Jincor and/or the Distributor or persons acting on behalf of Jincor and/or the Distributor are expressly qualified in their entirety by such factors. Given that risks and uncertainties that may cause the actual future results, performance or achievements of Jincor and/or the Distributor to be materially different from that expected, expressed or implied by the forward-looking statements in this Whitepaper, undue reliance must not be placed on these statements. These forward-looking statements are applicable only as of the date of this Whitepaper. Neither Jincor, the Distributor nor any other person represents, warrants and/or undertakes that the actual future results, performance or achievements of Jincor and/or the Distributor will be as discussed in those forward-looking statements. The actual results, performance or achievements of Jincor and/or the Distributor may differ materially from those anticipated in these forwardlooking statements. Nothing contained in this Whitepaper is or may be relied upon as a promise, representation or undertaking as to the future performance or policies of Jincor and/or the Distributor. Further, Jincor and/or the Distributor disclaim any responsibility to update any of those forwardlooking statements or publicly announce any revisions to those forward-looking statements to reflect future developments, events or circumstances, even if new information becomes available or other events occur in the future. MARKET AND INDUSTRY INFORMATION AND NO CONSENT OF OTHER PERSONS This Whitepaper includes market and industry information and forecasts that have been obtained from internal surveys, reports and studies, where appropriate, as well as market research, publicly available information and industry publications. Such surveys, reports, studies, market research, publicly available information and publications generally state that the information that they contain has been obtained from sources believed to be reliable, but there can be no assurance as to the accuracy or completeness of such included information. Save for Jincor, the Distributor and their respective directors, executive officers and employees, no person has provided his or her consent to the inclusion of his or her name and/or other information attributed or perceived to be attributed to such person in connection therewith in this Whitepaper and no representation, warranty or undertaking is or purported to be provided as to the accuracy or completeness of such information by such person and such persons shall not be obliged to provide any updates on the same. While Jincor and/or the Distributor have taken reasonable actions to ensure that the information is extracted accurately and in its proper context, Jincor and/or the Distributor have not conducted any independent review of the information extracted from third party sources, verified the accuracy or completeness of such information or ascertained the underlying economic 26 assumptions relied upon therein. Consequently, neither Jincor, the Distributor, nor their respective directors, executive officers and employees acting on their behalf makes any representation or warranty as to the accuracy or completeness of such information and shall not be obliged to provide any updates on the same. TERMS USED To facilitate a better understanding of the JCR tokens being offered for purchase by the Distributor, and the businesses and operations of Jincor and/or the Distributor, certain technical terms and abbreviations, as well as, in certain instances, their descriptions, have been used in this Whitepaper. These descriptions and assigned meanings should not be treated as being definitive of their meanings and may not correspond to standard industry meanings or usage. Words importing the singular shall, where applicable, include the plural and vice versa and words importing the masculine gender shall, where applicable, include the feminine and neuter genders and vice versa. References to persons shall include corporations. NO ADVICE No information in this Whitepaper should be considered to be business, legal, financial or tax advice regarding Jincor, the Distributor, the JCR tokens, the Jincor Initial Token Sale and the Jincor Wallet (each as referred to in the Whitepaper). You should consult your own legal, financial, tax or other professional adviser regarding Jincor and/or the Distributor and their respective businesses and operations, the JCR tokens, the Jincor Initial Token Sale and the Jincor Wallet (each as referred to in the Whitepaper). You should be aware that you may be required to bear the financial risk of any purchase of JCR tokens for an indefinite period of time. NO FURTHER INFORMATION OR UPDATE No person has been or is authorised to give any information or representation not contained in this Whitepaper in connection with Jincor and/or the Distributor and their respective businesses and operations, the JCR tokens, the Jincor Initial Token Sale and the Jincor Wallet (each as referred to in the Whitepaper) and, if given, such information or representation must not be relied upon as having been authorised by or on behalf of Jincor and/or the Distributor. The Jincor Initial Token Sale (as referred to in the Whitepaper) shall not, under any circumstances, constitute a continuing representation or create any suggestion or implication that there has been no change, or development reasonably likely to involve a material change in the affairs, conditions and prospects of Jincor and/or the Distributor or in any statement of fact or information contained in this Whitepaper since the date hereof. RESTRICTIONS ON DISTRIBUTION AND DISSEMINATION The distribution or dissemination of this Whitepaper or any part thereof may be prohibited or restricted by the laws, regulatory requirements and rules of any jurisdiction. In the case where any restriction applies, you are to inform yourself about, and to observe, any restrictions which are applicable to your possession of this Whitepaper or such part thereof (as the case may be) at your own expense and without liability to Jincor and/or the Distributor. Persons to whom a copy of this Whitepaper has been distributed or disseminated, provided access to or 27 who otherwise have the Whitepaper in their possession shall not circulate it to any other persons, reproduce or otherwise distribute this Whitepaper or any information contained herein for any purpose whatsoever nor permit or cause the same to occur. NO OFFER OF SECURITIES OR REGISTRATION This Whitepaper does not constitute a prospectus or offer document of any sort and is not intended to constitute an offer of securities or a solicitation for investment in securities in any jurisdiction. No person is bound to enter into any contract or binding legal commitment and no cryptocurrency or other form of payment is to be accepted on the basis of this Whitepaper. Any agreement in relation to any sale and purchase of JCR tokens (as referred to in this Whitepaper) is to be governed by only the T&Cs of such agreement and no other document. In the event of any inconsistencies between the T&Cs and this Whitepaper, the former shall prevail. You are not eligible to purchase any JCR tokens in the Jincor Initial Token Sale (as referred to in this Whitepaper) if you are a citizen, resident (tax or otherwise) or green card holder of the United States of America or a citizen or resident of the Republic of Singapore. No regulatory authority has examined or approved of any of the information set out in this Whitepaper. No such action has been or will be taken under the laws, regulatory requirements or rules of any jurisdiction. The publication, distribution or dissemination of this Whitepaper does not imply that the applicable laws, regulatory requirements or rules have been complied with. RISKS AND UNCERTAINTIES Prospective purchasers of JCR tokens (as referred to in this Whitepaper) should carefully consider and evaluate all risks and uncertainties associated with Jincor, the Distributor and their respective businesses and operations, the JCR tokens, the Jincor Initial Token Sale and the Jincor Wallet (each as referred to in the Whitepaper), all information set out in this Whitepaper and the T&Cs prior to any purchase of JCR tokens. If any of such risks and uncertainties develops into actual events, the business, financial condition, results of operations and prospects of Jincor and/or the Distributor could be materially and adversely affected. In such cases, you may lose all or part of the value of the JCR tokens. 28 Homepage Email Telegram Twitter GitHub Facebook Medium Reddit http://twitter.com/jincor_icohttp://t.me/jincorICOmailto:business@jincor.comhttp://ico.jincor.comhttp://github.com/jincortechhttp://facebook.com/jincorlimitedhttp://medium.com/jincorhttp://reddit.com/r/jincor/http://ico.jincor.com/http://twitter.com/jincor_icohttp://t.me/jincorICOmailto:business@jincor.comhttp://ico.jincor.comhttp://github.com/jincortechhttp://facebook.com/jincorlimitedhttp://medium.com/jincorhttp://reddit.com/r/jincor/mailto:business@jincor.comhttp://twitter.com/jincor_icohttp://t.me/jincorICOmailto:business@jincor.comhttp://ico.jincor.comhttp://github.com/jincortechhttp://facebook.com/jincorlimitedhttp://medium.com/jincorhttp://reddit.com/r/jincor/file:///C:/Users/User/Downloads/t.me/jincorICOhttp://twitter.com/jincor_icohttp://t.me/jincorICOmailto:business@jincor.comhttp://ico.jincor.comhttp://github.com/jincortechhttp://facebook.com/jincorlimitedhttp://medium.com/jincorhttp://reddit.com/r/jincor/http://twitter.com/jincor_icohttp://twitter.com/jincor_icohttp://t.me/jincorICOmailto:business@jincor.comhttp://ico.jincor.comhttp://github.com/jincortechhttp://facebook.com/jincorlimitedhttp://medium.com/jincorhttp://reddit.com/r/jincor/http://github.com/jincortechhttp://github.com/jincortechhttp://twitter.com/jincor_icohttp://t.me/jincorICOmailto:business@jincor.comhttp://ico.jincor.comhttp://github.com/jincortechhttp://facebook.com/jincorlimitedhttp://medium.com/jincorhttp://reddit.com/r/jincor/http://fb.com/jincorlimitedhttp://twitter.com/jincor_icohttp://t.me/jincorICOmailto:business@jincor.comhttp://ico.jincor.comhttp://github.com/jincortechhttp://facebook.com/jincorlimitedhttp://medium.com/jincorhttp://reddit.com/r/jincor/http://medium.com/jincorhttp://medium.com/jincorhttp://twitter.com/jincor_icohttp://t.me/jincorICOmailto:business@jincor.comhttp://ico.jincor.comhttp://github.com/jincortechhttp://facebook.com/jincorlimitedhttp://medium.com/jincorhttp://reddit.com/r/jincor/http://reddit.com/r/jincor/http://reddit.com/r/jincor/http://twitter.com/jincor_icohttp://t.me/jincorICOmailto:business@jincor.comhttp://ico.jincor.comhttp://github.com/jincortechhttp://facebook.com/jincorlimitedhttp://medium.com/jincorhttp://reddit.com/r/jincor/http://twitter.com/jincor_icohttp://t.me/jincorICOmailto:business@jincor.comhttp://ico.jincor.comhttp://github.com/jincortechhttp://facebook.com/jincorlimitedhttp://medium.com/jincorhttp://reddit.com/r/jincor/http://twitter.com/jincor_icohttp://t.me/jincorICOmailto:business@jincor.comhttp://ico.jincor.comhttp://github.com/jincortechhttp://facebook.com/jincorlimitedhttp://medium.com/jincorhttp://reddit.com/r/jincor/http://twitter.com/jincor_icohttp://t.me/jincorICOmailto:business@jincor.comhttp://ico.jincor.comhttp://github.com/jincortechhttp://facebook.com/jincorlimitedhttp://medium.com/jincorhttp://reddit.com/r/jincor/http://twitter.com/jincor_icohttp://t.me/jincorICOmailto:business@jincor.comhttp://ico.jincor.comhttp://github.com/jincortechhttp://facebook.com/jincorlimitedhttp://medium.com/jincorhttp://reddit.com/r/jincor/http://twitter.com/jincor_icohttp://t.me/jincorICOmailto:business@jincor.comhttp://ico.jincor.comhttp://github.com/jincortechhttp://facebook.com/jincorlimitedhttp://medium.com/jincorhttp://reddit.com/r/jincor/http://twitter.com/jincor_icohttp://t.me/jincorICOmailto:business@jincor.comhttp://ico.jincor.comhttp://github.com/jincortechhttp://facebook.com/jincorlimitedhttp://medium.com/jincorhttp://reddit.com/r/jincor/http://twitter.com/jincor_icohttp://t.me/jincorICOmailto:business@jincor.comhttp://ico.jincor.comhttp://github.com/jincortechhttp://facebook.com/jincorlimitedhttp://medium.com/jincorhttp://reddit.com/r/jincor/http://twitter.com/jincor_icohttp://t.me/jincorICOmailto:business@jincor.comhttp://ico.jincor.comhttp://github.com/jincortechhttp://facebook.com/jincorlimitedhttp://medium.com/jincorhttp://reddit.com/r/jincor/